Monday, July 02, 2007

2007 Market Data for the Nations Fastest Growing Area- St George Utah

Recent data for the St George Utah area suggests that the market is in a slow down, marked yes by price reductions. This is a bit offset in pricing strategy, by a starting high trend, only to reduce to reality later. We have somewhat of a decline as a compensatory reaction for unbelievably high price appreciation in 2004 and 2005.

This data has some basis in realtor sold units, but I hold no responsibility as to reliability or guarantee anything.

Starting with Lot sales we have about 123 lot sales in May of 2007 vs. 159 in 2006. This is about the difference represented. 31% of lots sold below 150K with 16% of that below 60K; also 17% between 150K and 200K. The rest sold above that price marker.

For dwellings we had 479 transactions in May 2006 and 421 in May 2007 and this seems to be the depth below 2006 we are running at. Homes below 400K are what's moving per the inventory levels, meaning homes above that take fairly significantly longer per the amount of listings in that class, to move and sell. Average, but not median price of single family homes for 2007 is 324K, which is down from 2006's 334K, but way up overall-- a jump from176K in 2003.

An interesting tid bit is that in 2005 buyers originated or come from: 25% from CA and 9% in NV and 50% in UT, while in 2006 a marked difference of 63% from UT, 15% from CA and 5% from NV.

These are approximate figures and should in no wise be relied on. We hope this information helps and as always encourage you to use us when you buy or sell St George Utah real estate.